Real estate company buys 10 acres of Mesa land for $3.2 million
Apr 27, 2021, 5:00 PM | Updated: Apr 28, 2021, 8:43 am
(Lee & Associates photo)
PHOENIX — Earlier last month, a commercial real estate company sold three of its lots located at the Ray Road Commerce Center in Mesa for $3.2 million.
Lee & Associates principals Ken McQueen and Chris McClurg sold 10.3 acres worth of land to Wetta Ventures, a real estate development and advisory services company, according to a press release.
Wetta Ventures plans to build a 146,887-square-foot industrial warehouse, with development scheduled to begin in July of this year.
“The 10.3 acre site purchased by Wetta Ventures will offer direct freeway access and visibility to the Loop 202 freeway for industrial tenants,” McQueen said. “Complimented by abundant retail amenities along Power Road and access to skilled labor in the Mesa submarket, the location is suitable for traditional industrial users or light showroom users looking to capitalize on the freeway visibility.”
The industrial building is expected to bring in several companies including aerospace, home improvement and medical.
“The Phoenix-Mesa Gateway Airport has witnessed sustained absorption of industrial space from a variety of industries including aerospace, home improvement and décor users along with the standard users that service the heavy home growth at Eastmark,” McQueen said.
The future warehouse will also be visible from the Loop 202 freeway in Mesa with signage to over 70,000 drivers per day.
McClurg and McQueen will be handling the marketing and leasing of the warehouse project.
“The functionality of this planned building will accommodate those industries and many others for years to come,” McQueen said.
The development team includes Deutsch Architecture Group, Layton Construction Company, Hunter Engineering with financing by Banker’s Trust.